Spending Spree: Vietnam Spends $5.6 Billion on US Imports in Four Months

According to preliminary statistics released by the Customs Department, in April, Vietnam spent over $1.5 billion on imports from the United States, a nearly 40.2% increase compared to the same period last year. In the first four months of this year, the import turnover from the US reached $5.6 billion, up by 25.8%.

Notably, several key import categories from the US witnessed double-digit growth. A typical example is the computer, electronics, and components sector, where Vietnam spent a whopping $1.8 billion, marking a 44.5% increase from the previous year. Being the largest import category from the US, it accounts for approximately 32.5% of total imports from the country. This significant increase in imports reflects the expanding demand for high-tech parks and electronic assembly operations.

When it comes to cotton, Vietnam imported $444.6 million worth of this commodity from the US in the first four months of this year, a 27% surge. Plastic materials and soybean imports also displayed impressive growth, reaching $346 million and $414 million, respectively, with increases of 43.5% and 47.3%. Even the feed import value rose by 0.7% to $427 million.

Notably, Vietnam also imported nearly $203 million worth of fruits and vegetables from the US, reflecting a substantial 55.6% increase. This boost in imports of American produce is attributed to Vietnam’s relaxed plant quarantine policies and market openings for grapes, cherries, and Gala apples from the US.

Additionally, Vietnam has increased its imports of pharmaceuticals by 50%, totaling $42 million, and various types of steel and iron products by 20%, reaching $72 million.

Recently, Minister of Industry and Trade Nguyen Hong Dien, who led the government negotiation team, chaired a meeting with large Vietnamese corporations, companies, and enterprises. During this meeting, Minister Dien affirmed that Vietnam has a substantial demand for purchasing goods, equipment, and services from the US, encompassing substantial quantities, high values, and stability. Specific categories include aircraft, turbines for gas-powered plants, electrical transmission systems, and GPU chips—all areas in which the US excels and Vietnam has a strong need.

However, according to Minister Dien, the trade between the two countries has not yet lived up to its full potential. Therefore, he urged enterprises to take more proactive measures to materialize this enormous potential.

“This is a practical action to promote substantive, in-depth, and effective cooperation in economic, trade, and investment relations between the two countries. It also contributes to striving for a harmonious and sustainable trade balance,” said Minister Nguyen Hong Dien.